1/25/2016 11:49:00 AM
HEADLINES
ACQUISITION: ITW To Acquire TRW Automotive Fastener Business
ITW agreed to acquire the global automotive Engineered Fasteners and Components business of ZF TRW, the Active and Passive Safety Division of ZF Friedrichshafen AG, for $450 million.
ITW reportedly intends to run the Engineered Fasteners and Components business as a standalone division within ITW’s automotive OEM segment.
“ZF TRW’s Engineered Fasteners and Components business is a well known and respected manufacturer of highly-engineered fasteners and components serving leading automotive manufacturers in all major regions,” stated Franz Kleiner, CEO of ZF TRW. “We are fortunate to be selling this business to a highly respected expert in the development and supply of fasteners and components that is seeking to grow their worldwide business.”
ZF said it was selling to focus on the growth of its core businesses in advanced safety, efficiency, electrification and the further development of automated driving. Web: trw-efc.com
Enkenback, Germany-based ZF TRW Engineered Fasteners and Components operates 13 locations with a global manufacturing and engineering footprint that serves its customers in Europe, Asia, and North America. The business has 3,500 employees located in nine countries.
The transaction is expected to close in the first half of 2016.
ITW entered the fastener business in 1923 using a patent on a twisted-tooth lockwasher to start Shakeproof Company when Detroit was converting from wood to metal car door hinges.
Today ITW manufactures highly engineered fasteners and industrial components and specialty products primarily for the auto, food and construction industries. Brand names include Buildex, Fastex, Ramset/Red Head and Shakeproof. Web: itw.com
FIN subscribers can read more about the last seven years of ITW’s fastener performance by clicking on the FIN Stock Review.
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